Last night, me and couple of friends of mine went to Landmark for a couple drinks to celebrate my friend's birthday. Throughout our time together we spoke on many subjects but at one point the dollar bill became the focus.
I told my friends that the dollar bill is not owned by the US and isn't even controlled by them to some extent. My friends were baffled by my statements and I backed it up by reading the federal reserve note and explaining how these notes are produced.
If you were to notice any federal reserve note aka paper money you would find the statement, "This note is legal tender for all debts, public and private". If you don't know what that means is that the dollar you're looking at is used for a debt for someone to pay back. Basically it's an I.O.U. to pay back the federal reserve.
In my next post on this blog I'll go a little in depth on the dollar and why it's produced.
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